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Business Ethics

Definition of Business Ethics

Business ethics means to follow the morality. In business ethics, we first differentiate what is right and what is wrong in the business? To use only right things in the business will be ethics. 




Explanation of Business Ethics

Business ethics is very helpful if we have to grow our business. It is based on two great principles, one is truth and other is honesty. If any businessman is doing his business on truth, it means, he is following business ethics. What he is saying about his product, his product must be same as his explanation about his product. There will not be any difference between his words and reality of his products. Second, he will be honest regarding his business dealing. He will not cheat anybody. He should be honest in his business commitment.  

Business’s aim should not only earn the money because business ethics remembers us the social responsibility. 

It is ethics, if business will come for social welfare. Lots of children do not go to school. Business community should together for making free school for such poor community.


Business ethics gives the great knowledge to business community. Businessmen must not spread corruption by giving bribe to govt. officer for doing work against laws. It will grow business short period but in the long period, business will become bankrupt because corruption and bribe is against law and justice. As per true justice, such businessmen will get punishment. 
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Objective of Business Environment

Following are main objectives of business environment:
1. Knowledge of Information 
By studying the business environment, we can know the changes of business. This information is very useful for our business. Every businessman should aware current environment of business. With this, he can think the future of his business in such environment. 
2. Basis of Decisions 
One of main objective of the study of business environment that it can provide all the information which is needed for taking good decisions. Suppose, you completed your internal business environment study. With this study, you can take decision relating to purchase, sale, salary and price because you know your competitor, you know your suppliers and you know your customers. 
3. Helpful in making of Policies 
For making good business policies, we need to know and scan business through business environment. 
4. Technological Planning 
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Technological Environment

Definition of Technological Environment :-


“Technological Environment means the development in the field of technology which affects business by new inventions of productions and other improvements in techniques to perform the business
 work. "

Factors of Environmental Scanning

Following are the main factors of environment scanning.


1. Events

Past events of business environment is the main factor of environment scanning. For example, if Govt. has to control food prices, it has to scan every week prices of vegetables, fruits, milk and other food items. For more simplification of price rise, Govt. will calculate wholesale price index.